North America Identity Verification Market Forecast to 2030
North America Identity Verification Market Forecast to 2030 – Regional Analysis – Component (Solution and Services), Deployment (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), Type (Biometric Verification, Online Verification, Knowledge-Based Authentication, and Others), and Industry Vertical (BFSI, Government & Defense, Healthcare, IT & Telecom, Retail, and Others)
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Description
Increase in Cases of Identity Fraud Boost North America Identity Verification Market
The digitalization has gained traction in the pandemic period across all industry verticals. People has shifted towards the e-commerce over the brick-and-mortar model. Majority of the transactions and exchange of critical information is taking place via digital platforms which has opened gates for the fraudsters to carry out identity fraud. The growing sophistication of security information platforms and IT security-based tools and solutions is anticipated to have a profound impact on the overall management of the security ecosystem of an enterprise. The unprecedented growth in the number of cyberattacks has further led to an increased need for robust security solutions across enterprises. According to Regula, ~95% of enterprises and approximately 90 percent of small businesses experienced identity fraud in 2022. On average, a company experienced ~30 cases in 2022. Such frauds result in business disruption, legal expenditures, and loss of existing and potential clients. Hence, companies are increasingly adopting several security solutions to help businesses confirm the identity of individuals to access sensitive transactions and interactions successfully. The prominent benefits of identity verification include real-time ID verification, extracting data directly from IDs without any friction, effective document authentication and verification, and mitigation of the risk of spoofing. The capabilities of identity verification solutions, such as identity verification, data identification, and fraud detection help the several market players to prevent identity frauds. All these benefits and capabilities offered by identity verification provide long-term benefits to enterprises and helps them to enhance their security. These benefits drive the identity verification market.
North America Identity Verification Market Overview
North America is one of the fastest-growing regions in terms of both technological innovations and the adoption of advanced technologies. The region also has a well-established IT & cloud infrastructure. In the past three years, the region has witnessed significant adoption of emerging technologies such as artificial intelligence and blockchain across all the major industry verticals. With the increasing penetration of digitization in various industries, identity verification has become a vital component of business transaction ecosystems, especially in financial institutions and online retail. The demand for identity verification solutions in companies is increasing rapidly as these solutions allow companies to comply with various rules and regulations. A few of these regulations include anti-money laundering (AML), know your customer (KYC), and digital fraud prevention. The North America identity verification market growth is primarily driven by rising demand from industrial sectors such as BFSI, government, defense, and healthcare, where correct identification of users and customers is a crucial business requirement for successful operations. In 2018, North America contributed the largest market share in terms of overall revenue of the global identity verification market, and it is estimated to continue its dominance during the forecast period.
North America Identity Verification Market Revenue and Forecast to 2030 (US$ Million)
North America Identity Verification Market Segmentation
The North America identity verification market is segmented based on component, deployment, organization size, type, industry vertical, and country. Based on component, the North America identity verification market is bifurcated into solution and services. The solution segment held a larger market share in 2022.
Based on deployment, the North America identity verification market is bifurcated into cloud and on-premise. The cloud segment held a larger market share in 2022.
In terms of organization size, the North America identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger market share in 2022.
By type, the North America identity verification market is segmented into biometric verification, online verification, knowledge based authentication, and others. The biometric verification segment held the largest market share in 2022.
Based on industry vertical, the North America identity verification market is segmented into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held the largest market share in 2022.
Based on country, the North America identity verification market is segmented into the US, Canada, and Mexico. The US dominated the North America identity verification market share in 2022.
Trulioo, Onfido, Mitek Systems, Inc, IDology, Authenteq, Experian Plc, Thales SA, IDEMIA, Jumio Corporation, and LexisNexis Risk Solutions Group are some of the leading companies operating in the North America identity verification market.
Summary Info
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According to the Research Team’ research, the North America identity verification market was valued at US$ 3,431.55 million in 2022 and is expected to reach US$ 11,119.49 million by 2030, registering a CAGR of 15.8% from 2022 to 2030. Integration of artificial intelligence and other advanced technologies and rising demand from BFSI sector are among the critical factors attributed to the North America identity verification market expansion.
The rise in security threats in the coming years is expected to raise its demand for solutions that hastily analyze a large amount of data with the help of technologies like Artificial Intelligence. The ability of artificial intelligence to provide quick mathematical calculations in order to augment the vital abilities of human intelligence is anticipated to generate the greatest growth opportunity for the identity verification market in the near future. AI has proven to be extensively worthy of threat detection as it can detect anomalies, patterns, and outliers more effortlessly and even with a less skilled workforce. Several identity verification service providers have already integrated their existing solutions with AI techniques to improve their analytical and incident response abilities. For example, in July 2023, DocuSign launched its enhanced identity verification offering, Liveness Detection for ID Verification. This solution uses artificial intelligence (AI)-enabled biometric checks to verify signers. In addition, in July 2023, Checkout.com unveiled Identity Verification, its first product focused on improving the customer onboarding and identity verification process. It uses proprietary artificial intelligence and is trained on billions of identities and facial recognition documents. In the coming years, as the expectations of end users regarding user behavior and threat detection capabilities will increase, the collaboration of existing identity verification solutions with advanced analytical technologies is expected to drive the identity verification market.
On the contrary, data privacy and security concerns hamper the growth of North America identity verification market.
Based on component, the North America identity verification market is bifurcated into solution and services. The solution segment held 83.8% market share in 2022, amassing US$ 2,876.73 million. It is projected to garner US$ 9,447.11 million by 2030 to expand at 16.0% CAGR during 2022-2030.
In terms of deployment, the North America identity verification market is bifurcated into cloud and on-premise. The cloud segment held 64.2% market share in 2022, amassing US$ 2,203.52 million. It is projected to garner US$ 7,592.91 million by 2030 to expand at 16.7% CAGR during 2022-2030.
By organization size, the North America identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held 59.8% market share in 2022, amassing US$ 2,053.18 million. It is projected to garner US$ 7,030.81 million by 2030 to expand at 16.6% CAGR during 2022-2030.
Based on type, the North America identity verification market is categorized into biometric verification, online verification, knowledge-based authentication, and others. The biometric verification segment held 49.6% share of North America identity verification market in 2022, amassing US$ 1,701.95 million. It is projected to garner US$ 5,585.24 million by 2030 to expand at 16.0% CAGR during 2022-2030.
Based on industry vertical, the North America identity verification market is categorized into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held 28.1% share of North America identity verification market in 2022, amassing US$ 963.14 million. It is projected to garner US$ 3,607.14 million by 2030 to expand at 17.9% CAGR during 2022-2030.
Based on country, the North America identity verification market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.3% share of North America identity verification market in 2022. It was assessed at US$ 2,859.17 million in 2022 and is likely to hit US$ 9,451.83 million by 2030, exhibiting a CAGR of 16.1% during 2022-2030.
Key players operating in the North America identity verification market are Trulioo, Onfido, Mitek Systems, Inc, IDology, Authenteq, Experian Plc, Thales SA, IDEMIA, Jumio Corporation, and LexisNexis Risk Solutions Group., among others.
In Aug 2023, Trulioo adds intelligent transaction routing to the identity verification orchestration platform.
In Sep 2023, Onfido and Umob’s partnership enables speedy user onboarding with automated identity verification.
o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the North America identity verification market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America identity verification market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Identity Verification Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. North America Identity Verification Market – Key Industry Dynamics
5.1 Identity Verification Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increase in Cases of Identity Fraud
5.2.2 Rise in Demand from BFSI Sector
5.2.3 Increase in Adoption of Bring Your Own Device (BYOD) Concept
5.3 Market Restraints
5.3.1 Data Privacy and Security Concerns
5.4 Market Opportunities
5.4.1 Rising Need for Digitization in Small and Medium Enterprises
5.4.2 Increasing Regulatory Initiatives and Investments by Governments
5.5 Future Trends
5.5.1 Integration of Artificial Intelligence and Other Advanced Technologies
5.6 Impact of Drivers and Restraints:
6. Identity Verification Market – North America Market Analysis
6.1 North America Identity Verification Market Revenue (US$ Million), 2022 – 2030
6.2 Identity Verification Market Forecast and Analysis
7. North America Identity Verification Market Analysis – Component
7.1 Solution
7.1.1 Overview
7.1.2 Solution Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Services
7.2.1 Overview
7.2.2 Services Market, Revenue and Forecast to 2030 (US$ Million)
8. North America Identity Verification Market Analysis – Deployment
8.1 Cloud
8.1.1 Overview
8.1.2 Cloud Market, Revenue and Forecast to 2030 (US$ Million)
8.2 On-Premise
8.2.1 Overview
8.2.2 On-Premise Market, Revenue and Forecast to 2030 (US$ Million)
9. North America Identity Verification Market Analysis – Organization Size
9.1 Large Enterprises
9.1.1 Overview
9.1.2 Large Enterprises Market, Revenue and Forecast to 2030 (US$ Million)
9.2 SMEs
9.2.1 Overview
9.2.2 SMEs Market, Revenue and Forecast to 2030 (US$ Million)
10. North America Identity Verification Market Analysis – Type
10.1 Biometric Verification
10.1.1 Overview
10.1.2 Biometric Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.2 Online Verification
10.2.1 Overview
10.2.2 Online Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.3 Knowledge Based Authentication
10.3.1 Overview
10.3.2 Knowledge Based Authentication Market, Revenue and Forecast to 2030 (US$ Million)
10.4 Others
10.4.1 Overview
10.4.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
11. North America Identity Verification Market Analysis – Industry Vertical
11.1 BFSI
11.1.1 Overview
11.1.2 BFSI Market, Revenue and Forecast to 2030 (US$ Million)
11.2 Government and Defense
11.2.1 Overview
11.2.2 Government and Defense Market, Revenue and Forecast to 2030 (US$ Million)
11.3 Healthcare
11.3.1 Overview
11.3.2 Healthcare Market, Revenue and Forecast to 2030 (US$ Million)
11.4 IT and Telecom
11.4.1 Overview
11.4.2 IT and Telecom Market, Revenue and Forecast to 2030 (US$ Million)
11.5 Retail
11.5.1 Overview
11.5.2 Retail Market, Revenue and Forecast to 2030 (US$ Million)
11.6 Others
11.6.1 Overview
11.6.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
12. North America Identity Verification Market – by Country Analysis
12.1 North America: Identity Verification Market
12.1.1 North America: Identity Verification Market, by Key Country
12.1.1.1 US: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.1.1 US DNS Security Software Market Breakdown by Component
12.1.1.1.2 US: Identity Verification Market, by Deployment
12.1.1.1.3 US: Identity Verification Market, by Organization Size
12.1.1.1.4 US: Identity Verification Market, by Type
12.1.1.1.5 US: Identity Verification Market, by Industry Vertical
12.1.1.2 Canada: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.2.1 Canada DNS Security Software Market Breakdown by Component
12.1.1.2.2 Canada: Identity Verification Market, by Deployment
12.1.1.2.3 Canada: Identity Verification Market, by Organization Size
12.1.1.2.4 Canada: Identity Verification Market, by Type
12.1.1.2.5 Canada: Identity Verification Market, by Industry Vertical
12.1.1.3 Mexico: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.3.1 Mexico DNS Security Software Market Breakdown by Component
12.1.1.3.2 Mexico: Identity Verification Market, by Deployment
12.1.1.3.3 Mexico: Identity Verification Market, by Organization Size
12.1.1.3.4 Mexico: Identity Verification Market, by Type
12.1.1.3.5 Mexico: Identity Verification Market, by Industry Vertical
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
14. Industry Landscape
14.1 Overview
14.2 Market Initiative
14.3 New Product Development
14.4 Merger and Acquisition
15. Company Profiles
15.1 Trulioo
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 Onfido
15.2.1 Key Facts
15.2.2 Business Description
15.2.3 Products and Services
15.2.4 Financial Overview
15.2.5 SWOT Analysis
15.2.6 Key Developments
15.3 Mitek Systems, Inc
15.3.1 Key Facts
15.3.2 Business Description
15.3.3 Products and Services
15.3.4 Financial Overview
15.3.5 SWOT Analysis
15.3.6 Key Developments
15.4 IDology
15.4.1 Key Facts
15.4.2 Business Description
15.4.3 Products and Services
15.4.4 Financial Overview
15.4.5 SWOT Analysis
15.4.6 Key Developments
15.5 Authenteq
15.5.1 Key Facts
15.5.2 Business Description
15.5.3 Products and Services
15.5.4 Financial Overview
15.5.5 SWOT Analysis
15.5.6 Key Developments
15.6 Experian Plc
15.6.1 Key Facts
15.6.2 Business Description
15.6.3 Products and Services
15.6.4 Financial Overview
15.6.5 SWOT Analysis
15.6.6 Key Developments
15.7 Thales SA
15.7.1 Key Facts
15.7.2 Business Description
15.7.3 Products and Services
15.7.4 Financial Overview
15.7.5 SWOT Analysis
15.7.6 Key Developments
15.8 IDEMIA
15.8.1 Key Facts
15.8.2 Business Description
15.8.3 Products and Services
15.8.4 Financial Overview
15.8.5 SWOT Analysis
15.8.6 Key Developments
15.9 Jumio Corporation
15.9.1 Key Facts
15.9.2 Business Description
15.9.3 Products and Services
15.9.4 Financial Overview
15.9.5 SWOT Analysis
15.9.6 Key Developments
15.10 LexisNexis Risk Solutions Group
15.10.1 Key Facts
15.10.2 Business Description
15.10.3 Products and Services
15.10.4 Financial Overview
15.10.5 SWOT Analysis
15.10.6 Key Developments
16. Appendix
16.1 About the Research Team
16.2 Word Index
LIST OF TABLES
Table 1. Identity Verification Market Segmentation
Table 2. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Component
Table 4. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) -Deployment
Table 5. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Organization Size
Table 6. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Type
Table 7. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Industry Vertical
Table 8. North America: Identity Verification Market Revenue Share, by Key Country (2022 and 2030)
Table 9. US: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 10. US: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 11. US: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 12. US: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 13. US: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 14. Canada: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 15. Canada: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 16. Canada: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 17. Canada: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 18. Canada: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 19. Mexico: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 20. Mexico: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 21. Mexico: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 22. Mexico: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 23. Mexico: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 24. Heat Map Analysis By Key Players
Table 25. List of Abbreviation
LIST OF FIGURES
Figure 1. Identity Verification Market Segmentation, By Country
Figure 2. Ecosystem: Identity Verification Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America Identity Verification Market Revenue (US$ Million), 2022 – 2030
Figure 5. Identity Verification Market Share (%) – Component, 2022 and 2030
Figure 6. Solution Market Revenue and Forecasts To 2030 (US$ Million)
Figure 7. Services Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Identity Verification Market Share (%) – Deployment, 2022 and 2030
Figure 9. Cloud Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. On-Premise Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Identity Verification Market Share (%) – Organization Size, 2022 and 2030
Figure 12. Large Enterprises Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. SMEs Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Identity Verification Market Share (%) – Type, 2022 and 2030
Figure 15. Biometric Verification Market Revenue and Forecasts To 2030 (US$ Million)
Figure 16. Online Verification Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Knowledge Based Authentication Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Identity Verification Market Share (%) – Industry Vertical, 2022 and 2030
Figure 20. BFSI Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Government and Defense Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Healthcare Market Revenue and Forecasts To 2030 (US$ Million)
Figure 23. IT and Telecom Market Revenue and Forecasts To 2030 (US$ Million)
Figure 24. Retail Market Revenue and Forecasts To 2030 (US$ Million)
Figure 25. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 26. North America: Identity Verification Market, by Key Country – Revenue (2022) (US$ Million)
Figure 27. North America: Identity Verification Market Revenue Share, by Key Country (2022 and 2030)
Figure 28. US: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 29. Canada: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 30. Mexico: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
The List of Companies – North America Identity Verification Market
1. Trulioo
2. Onfido
3. Mitek Systems, Inc
4. IDology
5. Authenteq
6. Experian Plc
7. Thales SA
8. IDEMIA
9. Jumio Corporation
10. LexisNexis Risk Solutions Group
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